On June 10, 20X8, Private Corporation acquired 70 percent of Secret Company's common stock. The fair value of the noncontrolling interest was $21,000 on that date. Summarized balance sheet data for the two companies immediately after the stock purchase are as follows: Secret Company Book Value Fair Value $ 11,000 $ 11,000 16,000 16,000 26,000 31,000 52,000 72,000 Item Cash Accounts Receivable Inventory Buildings & Equipment (net) Investment in Secret Company Total Accounts Payable Bonds Payable Common Stock Retained Earnings Total Private Corp. Book Value $ 36,800 43,000 86,000 133,000 49,000 $ 347,800 $ 23,000 228,800 38,000 58,000 $ 347,800 $ 105,000 $ 2,000 58,000 14,000 31,000 $ 105,000 $ 130,000 2,000 58,000 $ 60,000 Required: a. Record the consolidation entries required to prepare a consolidated balance sheet immediately after the purchase of Secret Company shares. (If no entry is required for a transaction/event, select "No journal entry required in the first account field.) view transaction list Consolidation Worksheet Entries Record the basic consolidation entry. Note: Enter debits before credits. Entry Accounts Debit Credit 1 Record entry Clear entry view consolidation entries view transaction list Consolidation Worksheet Entries Record the excess value (differential) reclassification entry. Note: Enter debits before credits. Accounts Debit Credit Entry 2 Record entry Clear entry view consolidation entries